(OTTAWA) – June 23, 2009 – Export Development Canada (EDC) today announced it has contributed $25 million towards a $570 million syndicated revolving credit facility for Superior Plus Corp. (Superior Plus).
“EDC's participation in the credit facility for Superior Plus demonstrates how our new domestic capability can make a difference in transactions affected by the credit crunch,” said Stephen Poloz, Senior Vice-President, Financing Group, EDC.
This transaction was facilitated under EDC's temporary two-year broadening of its mandate to undertake domestic financing and insurance. EDC's domestic powers were enacted on March 12, 2009.
“We are very pleased with the addition of EDC to our lending syndicate,” said Wayne Bingham Executive Vice President and Chief Financial Officer of Superior Plus Corp. “The strong support from EDC provided new debt capital and increased financial flexibility to grow our divisional operations during these uncertain credit markets.”
Superior Plus is a diversified corporation with four Canadian-based operating businesses: propane distribution; speciality chemicals; construction products distribution; and fixed-price energy services.
“Scotia Capital welcomes EDC's participation in this transaction. It is a good example of the effectiveness of the federal government's new Business Credit Availability Program (BCAP),” said Bob Finlay, Managing Director and Head, Corporate Banking Canada. “BCAP is an important component of our continuing work with EDC in providing financing to Canadian businesses.”
As a member of the Scotiabank Group, Scotia Capital offers corporate and investment banking and capital markets products to corporate, government and institutional clients. It provides full-service coverage across the NAFTA region, as well as a niche focus in select markets globally. Scotia Capital has 28 offices and more than 300 relationship managers organized around industry specialties.
EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian
exporters and investors expand their international business. EDC's knowledge and partnerships are used by more than 8,300 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, a recognized leader in financial reporting and economic analysis, and has been recognized as one of Canada's Top 100 Employers for eight consecutive years.
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Media contact:
Phil Taylor
Export Development Canada
Tel: (613) 598-2904
Blackberry: ptaylor@edc.ca
